The Revenue, Expenses, Sales Returns and Allowances and Sales Discounts

question 98

Multiple Choice

The revenue, expenses, Sales Returns and Allowances and Sales Discounts will be closed via the:

• A)Income Summary account.
• B)Owner's Name, Capital account.
• C)Owner's Name, Withdrawals account.
• D)Fixed asset account.

Prepare journal entries related to warranty costs, including estimated warranty expense and actual warranty repair costs.

Recognize and compute employee bonus expenses based on company net income.

Record sales transactions involving sales taxes and warranty liabilities.

Determine the employer's total payroll taxes expense based on employee earnings and tax rates.

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Definitions:

R

In electrical engineering, "R" typically refers to resistance, which is a measure of the opposition to the flow of electric current.

Apparent Power

The product of the current and voltage in an AC circuit, measured in volt-amperes, not necessarily equal to the actual power consumed.

RC Parallel Circuit

An electrical circuit in which a resistor and a capacitor are connected in parallel, affecting the impedance and phase angle of the overall circuit.

R

A symbol commonly used to represent resistance in an electrical circuit, measured in ohms.